UPI scams are increasing, 5 ways to keep your money safe

By Team Newsable | First Published Mar 27, 2023, 2:59 PM IST

Did you know? Fraudsters are getting ingenious by the day. UPI, the quick and easy way to transfer funds from different bank accounts, can also be misused to scam you. Here are 5 ways you should learn to protect yourself from such fraud:

The internet payment methods may have made cashless transactions simpler, which has given internet scammers additional ways to make money. Unified Payment Interface (UPI) scams are becoming a typical occurrence as a result of the growth in UPI payments. However, we can protect our hard-earned money from scammers if we exercise caution while making any online UPI payment.

Here are 5 ways to keep your money safe:

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Never share your UPI PIN: Please don't share your PIN to a call centre agent or messager who seems to be from a bank, a government agency, or another well-known firm. They won't ever inquire for your UPI PIN.

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Change your UPI PIN frequently: To safeguard your account, keep changing your UPI pin each month. If you don't, it's a good idea to reset it every three months.

Put UPI payment limit: Through UPI payments, one can establish a UPI payment limit on daily transactions.

Beware of counterfeit apps: Many fraudulent or harmful apps aim to trick you by appearing to be something else. The software will have a similar appearance to the existing bank app and be simple to download. Your personal information will be shared with scammers if you unintentionally download and install the bogus program, giving them access to your account and enabling them to steal money. Watch out for fake banking applications like Modi Bhim, BHIM Payment-UPI Guide, Bhim Modi App, and BHIM Banking Guide that have been accused of obtaining consumer personal information under the guise of offering a useful service.

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Avoid visiting random websites: Do not do transactions on any random website that requests that you conduct test transactions in order to receive incentives, cashback, or money. Making Re 1 transactions is a method that will have them give you back Rs 2 after getting your UPI-PIN. They can quickly make withdrawals from your account once they get your PIN. Before beginning any transactions, verify sure the UPI is always associated with the correct account holder by checking the name.

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